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Operating income margin was 9.3% of total revenue, compared to 8.1%
in the prior year quarter.

Earnings per diluted share were $1.70, a 19.7% increase compared to
EPS of $1.42 in the prior year quarter.

Commenting on the first quarter results, Cracker Barrel President and
Chief Executive Officer Sandra B. Cochran said, "Thanks to the continued
success of our cost reduction initiatives, we were able to deliver
strong EPS growth for our shareholders in the first quarter.
Nevertheless, we believe consumer spending was challenged during the
quarter, particularly in October, and that this was reflected in our
comparable store traffic and sales. Even in this challenging
environment, we believe we have the right menu, marketing, and
margin-driving initiatives in place to achieve continued success in
fiscal 2016."

First Quarter Fiscal 2016 Results

Revenue

The Company reported total revenue of $702.6 million for the first
quarter of fiscal 2016, representing an increase of 2.8% over the first
quarter of the prior year. Comparable store restaurant sales increased
2.5%, as a 3.2% increase in average check was partially offset by a 0.7%
reduction in traffic. The average menu price increase for the quarter
was approximately 2.8%. Comparable store retail sales increased 2.4% for
the quarter.

Comparable store restaurant traffic, average check and comparable store
restaurant and retail sales for the fiscal months of August, September
and October and for the first quarter were as follows:

August

September

October

First Quarter

Comparable restaurant traffic

0.1%

0.4%

-2.1%

-0.7%

Average check

2.6%

3.6%

3.3%

3.2%

Comparable restaurant sales

2.7%

4.0%

1.2%

2.5%

Comparable retail sales

-1.2%

1.5%

5.6%

2.4%

Operating Income

Operating income was $65.3 million, or 9.3% of total revenue, in the
first quarter of fiscal 2016 compared with $55.4 million, or 8.1% of
total revenue, in the first quarter of fiscal 2015. As a percentage of
total revenue, reductions in cost of goods sold and labor and related
expenses were partially offset by an increase in other store operating
expenses.

Diluted Earnings per Share

Earnings per diluted share in the first quarter of fiscal 2016 were
$1.70, compared to earnings per diluted share of $1.42 in the prior year
quarter, an increase of 19.7%.

Fiscal 2016 Outlook

The Company reaffirmed its previous earnings guidance and expects to
report earnings per diluted share for the 2016 fiscal year between $7.15
and $7.30. The Company expects to report increases in comparable store
restaurant sales and comparable store retail sales in the range of 2.0%
to 3.0%. The Company expects total revenue of between $2.90 billion and
$2.95 billion, reflecting the expected opening of seven new Cracker
Barrel stores during the fiscal year. The Company projects food
commodity inflation in the range of 2.5% to 3.0% for the fiscal year,
driven largely by expected increases in egg prices. The Company projects
an operating income margin of between 9.0% and 9.5% of total revenue for
fiscal 2016. The Company expects depreciation expense between $76
million and $77 million; net interest expense between $14 million and
$15 million; and capital expenditures of approximately $110 million. The
Company expects an effective tax rate for fiscal 2016 of between 31% and
32%.

The Company expects to report earnings per diluted share for the second
quarter of 2016 of between $1.80 and $1.90. The Company reminds
investors that its outlook for fiscal 2016 reflects a number of
assumptions, many of which are outside the Company's control.

Fiscal 2016 First Quarter Conference Call

As previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public online at investor.crackerbarrel.com
on November 24, 2015, beginning at 11:00 a.m. (Eastern Time). An online
replay will be available at 2:00 p.m. (Eastern Time) and continue
through December 8, 2015.

About Cracker Barrel Old Country Store®

Cracker Barrel Old Country Store provides a friendly home-away-from-home
in its old country stores and restaurants. Guests are cared for like
family while relaxing and enjoying real home-style food and shopping
that's surprisingly unique, genuinely fun and reminiscent of America's
country heritage…all at a fair price. The restaurants serve up
delicious, home-style country food such as meatloaf and homemade chicken
n' dumplins as well as our signature biscuits using an old family
recipe. The authentic old country retail store is fun to shop and offers
unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 635 company-owned locations in 42
states. Every Cracker Barrel store is open seven days a week with hours
Sunday through Thursday, 6 a.m. - 10 p.m., and Friday and Saturday, 6
a.m. - 11 p.m. For more information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for Q1 FY 2016 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include
the expected effects of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel, discretionary
income or personal expenditure activity of our customers; our ability to
identify, acquire and sell successful new lines of retail merchandise
and new menu items at our restaurants; our ability to sustain or the
effects of plans intended to improve operational or marketing execution
and performance; changes in or implementation of additional governmental
or regulatory rules, regulations and interpretations affecting tax, wage
and hour matters, health and safety, pensions, insurance or other
undeterminable areas; the effects of plans intended to promote or
protect our brands and products; commodity price increases; the ability
of and cost to us to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of
increased competition at our locations on sales and on labor recruiting,
cost, and retention; workers' compensation, group health and utility
price changes; consumer behavior based on negative publicity or concerns
over nutritional or safety aspects of our food or products or those of
the restaurant industry in general, including concerns about pandemics,
as well as the possible effects of such events on the price or
availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on our financial
and operating flexibility and ability to execute or pursue our operating
plans and objectives; changes in interest rates or capital market
conditions affecting our financing costs and ability to refinance all or
portions of our indebtedness; the effects of business trends on the
outlook for individual restaurant locations and the effect on the
carrying value of those locations; our ability to retain key personnel;
the availability and cost of suitable sites for restaurant development
and our ability to identify those sites; changes in land, building
materials and construction costs; the actual results of pending, future
or threatened litigation or governmental investigations and the costs
and effects of negative publicity associated with these activities;
practical or psychological effects of natural disasters or terrorist
acts or war and military or government responses; disruptions to our
restaurant or retail supply chain; changes in foreign exchange rates
affecting our future retail inventory purchases; implementation of new
or changes in interpretation of existing accounting principles generally
accepted in the United States of America ("GAAP"); and other factors
described from time to time in our filings with the Securities and
Exchange Commission, press releases, and other communications. Any
forward-looking statement made by us herein, or elsewhere, speaks only
as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.

CRACKER BARREL OLD COUNTRY STORE, INC.CONDENSED
CONSOLIDATED INCOME STATEMENTS(Unaudited)(In
thousands, except share and per share amounts, percentages and
ratios)